Budapest-based startup Axoflow has raised $7 million in seed funding, led by EBRD Venture Capital, to automate security data management, improving access to high-quality data and cutting SIEM costs.
- Founded in 2023 by Balázs Scheidler, Ferenc Hernadi, and Sandor Guba, Axoflow offers an automated security data curation platform that simplifies data management by eliminating the need for manual, code-heavy wrangling.
- The platform delivers high-quality, curated security data, improving the efficiency of Security Operations Centers (SOCs) and strengthening security.
- According to Axoflow, businesses can detect and respond to threats more efficiently, leverage AI, reduce compliance breaches, and cut SIEM costs by over 50%, all without coding, by accessing actionable data instead of raw information.
“Axoflow Platform productizes our know-how into a pipeline that automatically discovers, classifies, parses, normalizes, and enriches security data—and also reduces its volume by more than 50%, leading to significant cost-savings," CEO of Axoflow, Balázs Scheidler, commented.
Details of the deal
- The seed round was led by EBRD Venture Capital, a London-based VC that invests in early and growth-stage companies with ticket sizes ranging from €2 million to €25 million over the investment's lifetime.
"The Axoflow Platform not only modernizes the security data layer and reduces costs but also strengthens the overall security posture. We feel privileged to join Axoflow’s deeply technical and seasoned team on this exciting journey," explains Yalcin Gungoren at EBRD Venture Capital.
- The investment also saw participation from existing investors, including Credo Ventures, a Czech early-stage investor that partners with technology entrepreneurs from CEE to help them achieve global ambitions, and e2vc, which supports founders in scaling globally.
- Axoflow will use the $7 million to develop its security data curation pipeline further, improving data quality, reducing costs, automating data management, and enhancing platform capabilities.
